Propose the future challenges in the banking industry and analyse how capitec can overcome them and gain more market share. SCAPITECBANKFrom 25 000 to 15 million clients: 20 years of CapitecSince opening for business on 1 March 2001, we went from 55 branches and 25 000 clients to morethan 840 branches and 15 million clients. We've gone digital, paperless, built an eco-friendly headoffice and offer our clients the choice of opening a bank account with a selfie. So, how did we gethere?Where it all started"We have always had the drive to do things differently. For us, it's about agility and innovation," saysGerrie Fourie, Chief Executive Officer at Capitec. "Consistency, not complacency. Challenging thenorms. We're looking forward to continuing to drive change within financial services in 2021 with anumber of new digital products." When Capitec was formed, we identified 4 key values that wouldalways remain priorities for us: accessibility, simplicity, affordability, and personalised service. Ourfocus, since the beginning, has always been on our clients and we wanted to make sure that peoplecould access their banking when they needed to. Right from the start, we made our mark by shakingup South Africa's banking sector. All our branches opened at 8am, an hour before any of the otherbanks did. We also stayed open later (until 5pm), giving clients 67 more banking hours in a month.Then in 2003, we launched Global One, which gave our clients 4 free savings accounts linked to theirmain savings account. It was also the first savings accounts in the world that you could name yourself.It was one of the ways in which we wanted to simplify life by helping our clients set tangible savingsgoals, as well as being accessible, transparent, and affordable. Making banking accessibleRiaan Stassen, the then CEO of Capitec, wanted the bank to be more accessible so, in 2005, we boughta Toyota Tazz and set up a mobile bank in the boot. But this wasn't enough; the team wanted to makebanking even more portable. So, they built a computer in a silver aluminum case and simply carried itto wherever people were. This innovation was called "Die Tas Man" or "The Suitcase Man" and mademobile banking possible on site.The start of the digital/online eraIn 2008, we entered the online space by introducing internet banking to further simplify banking forour 2 million clients. A year later, cellphone banking became available to our clients. With the securityof our clients in mind, we became the first bank in South Africa to offer biometric verification throughfingerprint scanning in branches. Then, in 2009, we started rolling out new biometric scannersapproved by the FBI in the USA. At the time, scanning only one fingerprint was the norm; we scannedall 10 fingers. 2009 was also the year that simplicity became a really important value for us. Thereason? The financial industry was overly complicated, so it was important for us to simplify bankingeven further and make it more accessible to each and every client. By 2011, we had 3.7 million clients,and started opening branches on Sundays. 3 years later, the Capitec banking app was launched,allowing our clients to bank from anywhere at any time.2020 and beyondDigital adoption soared in 2020 and it became even more important to give our clients safer ways totransact online during the COVID-19 pandemic. We launched a virtual card and biometric eSignatureservice, which allows documents to be signed digitally. This was the final step in becoming acompletely paperless bank. Later that same year, we partnered with Easy Equities to give clients accessto convenient, affordable investing through our banking app. More than 70 000 clients registered forthe Easy Equities widget on the banking app in just 4 months."We are proud to have created a bank for all South Africans," says Fourie. "We believe that bankingshould fit effortlessly into our clients' day-to-day lives, taking up as little time and money as possible.Therefore, we created a simplified, affordable solution underpinned by industry-leading technologyand personalised service that appeals to South Africans from all walks of life."

Question

Propose the future challenges in the banking industry and analyse how capitec can overcome them and gain more market share. SCAPITECBANKFrom 25 000 to 15 million clients: 20 years of CapitecSince opening for business on 1 March 2001, we went from 55 branches and 25 000 clients to morethan 840 branches and 15 million clients. We've gone digital, paperless, built an eco-friendly headoffice and offer our clients the choice of opening a bank account with a selfie. So, how did we gethere?Where it all started&#34;We have always had the drive to do things differently. For us, it's about agility and innovation,&#34; saysGerrie Fourie, Chief Executive Officer at Capitec. &#34;Consistency, not complacency. Challenging thenorms. We're looking forward to continuing to drive change within financial services in 2021 with anumber of new digital products.&#34; When Capitec was formed, we identified 4 key values that wouldalways remain priorities for us: accessibility, simplicity, affordability, and personalised service. Ourfocus, since the beginning, has always been on our clients and we wanted to make sure that peoplecould access their banking when they needed to. Right from the start, we made our mark by shakingup South Africa's banking sector. All our branches opened at 8am, an hour before any of the otherbanks did. We also stayed open later (until 5pm), giving clients 67 more banking hours in a month.Then in 2003, we launched Global One, which gave our clients 4 free savings accounts linked to theirmain savings account. It was also the first savings accounts in the world that you could name yourself.It was one of the ways in which we wanted to simplify life by helping our clients set tangible savingsgoals, as well as being accessible, transparent, and affordable. Making banking accessibleRiaan Stassen, the then CEO of Capitec, wanted the bank to be more accessible so, in 2005, we boughta Toyota Tazz and set up a mobile bank in the boot. But this wasn't enough; the team wanted to makebanking even more portable. So, they built a computer in a silver aluminum case and simply carried itto wherever people were. This innovation was called &#34;Die Tas Man&#34; or &#34;The Suitcase Man&#34; and mademobile banking possible on site.The start of the digital/online eraIn 2008, we entered the online space by introducing internet banking to further simplify banking forour 2 million clients. A year later, cellphone banking became available to our clients. With the securityof our clients in mind, we became the first bank in South Africa to offer biometric verification throughfingerprint scanning in branches. Then, in 2009, we started rolling out new biometric scannersapproved by the FBI in the USA. At the time, scanning only one fingerprint was the norm; we scannedall 10 fingers. 2009 was also the year that simplicity became a really important value for us. Thereason? The financial industry was overly complicated, so it was important for us to simplify bankingeven further and make it more accessible to each and every client. By 2011, we had 3.7 million clients,and started opening branches on Sundays. 3 years later, the Capitec banking app was launched,allowing our clients to bank from anywhere at any time.2020 and beyondDigital adoption soared in 2020 and it became even more important to give our clients safer ways totransact online during the COVID-19 pandemic. We launched a virtual card and biometric eSignatureservice, which allows documents to be signed digitally. This was the final step in becoming acompletely paperless bank. Later that same year, we partnered with Easy Equities to give clients accessto convenient, affordable investing through our banking app. More than 70 000 clients registered forthe Easy Equities widget on the banking app in just 4 months.&#34;We are proud to have created a bank for all South Africans,&#34; says Fourie. &#34;We believe that bankingshould fit effortlessly into our clients' day-to-day lives, taking up as little time and money as possible.Therefore, we created a simplified, affordable solution underpinned by industry-leading technologyand personalised service that appeals to South Africans from all walks of life.&#34;

Accepted Answer

Banking services come under tertiary industries and are concerned with providing services to primary…